California Banking Rates

Current CD Interest Rates in California: June 2012

When shopping for the best California CD rates, the choice is clear: First Imperial Credit Union stands head and shoulders above the competition. For the month of June, First Imperial Credit Union offered an interest rate of 1.70% APY on 24-month CDs, beating out their closest competitor in the state, F&A Federal Credit Union, by .34%. If you choose to open a Florida CD at First Imperial Credit Union, you will have to make an initial deposit of less than $10,000.

Other top interest rates in California on CDs for the month of June are:

  • F&A Federal Credit Union offers a 24-month CD interest rate of 1.36%.
  • Community Trust Credit Union has 24-month California CDs with an interest rate of 1.26%.
  • Fresno Police Department Credit Union boasts interest rates of 24-month California CD interest rates 1.25%.
  • Mission San Francisco Federal Credit Union also has 1.25% interest rates on 24-month California CDs.
  • EH National Bank has two-year CD accounts in California at a rate of 1.20%.

Changing California CD Rate Averages

The average interest rates on CDs in California changed for the month of June:

  • Six-Month CDs were down by an average of .01% from .30% to .29%.
  • 12-Month CDs took a significant tumble, falling by .19% from .60% to .41%.
  • 24-Month CDs declined slightly, falling from .61% to .60% from May to June.
  • Standard savings accounts also declined, falling by .01% from .16% to .15%.

Overall, the interest rates dipped for the month in June, but CD still remained a significantly better investment instrument in California than a standard savings account. If your savings accounts are growing to the point where they are no longer an emergency fund, but a bona fide nest egg, consider moving a significant portion out of your savings account into a CD. This is a far better investment instrument than just letting your money sit in a savings account.